Business/Financial Desk

In what many expect to be one of Wall Street's worst years, Bear Stearns reported that its earnings rose by a startling 55 percent in the quarter ended Feb. 2. Its return on equity of 19 percent is the Street's highest, and the firm has emerged virtually unscathed by last year's banking scandals.

March 28, 2003businessNews

Financial Desk

Yesterday, James E. Cayne succeeded Alan C. (Ace) Greenberg as the company's chief executive. Employees and analysts said Mr. Cayne's elevation brought him appropriate recognition at a company that had been increasingly under his guidance. But they noted that Mr. Greenberg, as chairman, would remain the final authority at Bear Stearns.

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A group of Bear Stearns shareholders who claimed to have been hurt by the investment bank's deteriorating health has agreed to settle its claims for $275 million, four years after the firm was sold to JPMorgan Chase.

The New York Times's Sunday Book Review takes a look at two works of credit crisis literature: Alan C. Greenberg's "The Rise and Fall of Bear Stearns," and Suzanne McGee's "Chasing Goldman Sachs: How the Masters of the Universe Melted Wall Street...